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Thursday, September 1, 2011

ROCHAMEL: The truth at last!

by Ex-Rochamel Employee

Far from being the financial cancer on the Sovereign State of St Lucia portrayed for so long by politicians looking to further their ambitions and muscle-bound dwarfs, it appears Rochamel may not have been such a disaster. Sandals flagship Caribbean hotel simply paying their 18% room taxes on island, will have already offset any Government guarantee shortfalls.

Rochamel invested US$23m into St Lucia, a figure audited and confirmed by both the Royal Merchant Bank and the Hyatt Corporation. An investment along with RMC's based on Hyatt forecasts and their promises of bringing back direct flights via American Airlines to St Lucia.

Rochamel also paid all its employees and subcontractors on completion of the construction contract - despite the contract overrunning, provided full medical cover for all employees and honoured all promises with regard to training young St Lucian workers both in St Lucia and the UK. All of its construction creditors were paid prior to diluting its shareholding to compensate for the construction overrun.

The operation and full financial responsibility for the running of the hotel was then transferred to the Hyatt Corporation.

Who then despite taking their management fees, never paid one loan or interest payment to the funders, or on collapse of the hotel, this multiple billion dollar organisation payment to local creditors?

Rochamel then tried to assist in the disposal of the hotel and had negotiated terms with a leading hotel operator for a price substantially higher than the Sandals offer. Unfortunately, both Rochamel's lawyers and accountants had by now jumped ship, given they were so far up Butch Stewart’s backside they could see his tonsils; so Rochamel's injunction to prevent the remarkably quick disposal of the property failed.

Rochamel lived in a commercial world and accepted the consequences of a high-risk investment. Had the company chosen Sandals to operate the hotel and not Hyatt and chosen scrupulous consultants, the profits would clearly have outweighed the risk.

John Compton's dream for the causeway has been realised, Kenny Anthony clearly acted solely in the interests of his Country, hundreds of jobs were created, the causeway stabilised by Rochamel ending the serious erosion of one of St Lucia's finest beaches. The vultures profited and the investors in Rochamel have moved on and recouped their investment

1 comment:

  1. I for one have never taken issue with Rochamel. I don't know why people dwell on it. The hotel is there for ALL to see and boasts some of the highest paid salaries in the hospitality industry on Island.

    It has always been clear to me that Rick Wayne (who I discovered used to get paid to engage in GAY doings) was using that to get back at Kenny for firing him as a Senator; that's common knowledge. But why do we dwell on Rochamel when it's a non-issue? Well, Rick wants us to so he can remain in the public domain. He has lost all creativity & in essence any "Hot Story". He tried to bring Grynberg but that backfired on his yellow sponsors so he remains crippled in the past.

    It is obvious that Rick Wayne hasn't been able to put one story together to "wow" the Lucian people over a "DECADE" now. When, will someone help him understand that his story is not in Kenny.

    Sadly, Rick who has been so image driven now looks dilapidated, largely assumed to be senile and evidently "EMPTY".

    Could we now refer to Rick as the "Brainless Gay Eunuch"?